According to the Potsdam Institute for Climate Impact Research, cost-cutting technologies in the electric power sector might put electricity ahead of fossil-based combustion fuels in the world’s energy supply by mid-century (PIK) These innovations, when combined with a global carbon price, can catalyze emission reductions to meet the Paris climate targets while decreasing the need for contentious negative emissions, according to a new study.
“Today, 80% of all energy demands for industry, mobility, and building heating are satisfied directly by burning – largely fossil – fuels, with only 20% being fulfilled by electricity. Our research shows that by 2050, the relationship will have largely reversed, with electricity becoming the primary source of global energy.” Gunnar Luderer, the study’s lead author and a researcher at the Potsdam Institute for Climate Impact Research as well as a professor of Global Energy Systems Analysis at the Technical University of Berlin, stated.
For a long time, fossil fuels were inexpensive and readily available, but electricity was a rare and expensive source of energy, according to Luderer. He described how renewable electricity generation, particularly solar photovoltaics, has become significantly cheaper at a breakneck pace, which most computer predictions have thus far understated.
“Solar electricity prices have dropped by 80% in the recent decade, with additional cost reductions projected in the future. This advancement has the potential to completely transform energy systems. Green electricity can become the cheapest kind of energy by 2050 and can cover up to three-quarters of all demand in the long run, according to our computer calculations,” Luderer elaborated.
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